March 18, 2020
In the wake of the COVID-19 outbreak, the Treasury Department has announced a 90-day payment extension for most taxpayers. Individuals will be able to defer tax payments up to $1 million for 90 days beyond the April 15th due date (including individuals paying taxes through pass-through entities). Likewise, corporations can defer tax payments up to $10 million for 90 days. No interest or penalties will be charged on amounts due and unpaid during this 90-day extension.
Please note that the filing deadline has not changed. For individuals, the filing deadline remains as April 15th, though an automatic extension to October 15th is available upon filing Form 4868 with the IRS. Despite the extension, taxpayers are encouraged to file normally, especially if they are due a refund.
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